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Rak Properties revenues halve, net profits down by 20pct in 2018

Infra News - Published on Wed, 20 Feb 2019

Image Source: Construction Week Online
Arabian Industry reported that revenues at Rak Properties more than halved last year, with net profits at the UAE real estate development firm declining by more than a fifth for the year ending 31 December, 2018. According to its 2018 financial report, the group brought in AED 101 million in cash last year, a marked 67% reduction compared to 2017, when revenues of AED 313 million were posted. Net profits for 2018 fared slightly better at AED 151 million – a 21% drop on 2017's corresponding figure of AED 192 million.

In a missive issued to Abu Dhabi Exchange, the developer said that in 2018, it had “witnessed an unusual drop in sales and leasing transactions across the real estate industry [which has] considerably impacted the sales performance of Rak Properties as well”.

However, the group – one of the UAE’s major property developers – added that it is “optimistic of the future [and continues] to invest in the developments of appropriate asset classes and in the human resources” so as "to efficiently handle the rising business challenges".

Rak Properties projects set to be handed over in 2019 include the Gateway Residence homes in Ras Al Khaimah, and Julphar Residence on Abu Dhabi’s Reem Island.

The group added “Rak Properties continues the development of Anantara Mina Al Arab Ras Al Khaimah Eco Resort hotel, [featuring] the emirate’s first Maldivian-inspired overwater villas complex overlooking stunning eco-reserves and Intercontinental luxury hotel [at] Mina Al Arab.”

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Posted By : Rabi Wangkhem on Wed, 20 Feb 2019
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